Top SBA Lenders in 2025 (By State & Loan Volume)
SBA 7(a) lenders ranked by state using FY 2025 SBA loan approval data.
Small business owners often ask, “Who is the best SBA lender in my state?”
This guide lists the top SBA 7(a) lender in FY 2025 for every state and territory, based on total SBA 7(a) loan dollars approved.
Use this as a starting point to:
- See which banks and non-bank lenders are most active with SBA loans.
- Spot national SBA powerhouses like Live Oak Bank, Newtek Bank, The Huntington National Bank, and others.
- Identify strong regional and community lenders in your local market.
How to Use This “Top SBA Lenders in 2025” List
This list shows the #1 SBA 7(a) lender in FY 2025 for each state and territory, ranked by total dollar amount of loans approved.
It does not show every lender in the market, it highlights only the top lender by SBA 7(a) loan volume in that specific state or territory.
What You Can Learn from This Data
- Which lenders dominate SBA lending in your state by total SBA dollars.
- Multi-state powerhouses that appear as the top lender in multiple states.
- Community and regional lenders that lead SBA activity in their local markets.
- Where credit unions, non-bank lenders, and regional banks are winning in SBA volume.
Next Steps for Your Small Business
- Use this list as a shortlist of experienced SBA lenders to contact.
- Combine it with industry-specific SBA lender research (by NAICS code) for a stronger match.
- Always compare rates, fees, structure, collateral expectations, and speed, not just loan volume.
- Consider how comfortable you are working with:
- A local relationship lender that may specialize in your industry, versus
- A national SBA platform lender that may close loans faster but be more centralized.
Top SBA 7(a) Lenders by State – FY 2025 (Loan Volume)
One lender per state/territory, ranked by total SBA 7(a) loan dollars approved in FY 2025.
| State / Territory | Top SBA 7(a) Lender | Lender HQ City | HQ State | # of Loans | SBA 7(a) Approvals (USD Millions) |
|---|---|---|---|---|---|
| Alaska | Alaska Growth Capital | Anchorage | AK | 22 | 25.3 |
| Alabama | Live Oak Bank | Wilmington | NC | 36 | 47.5 |
| Arkansas | Southern Bancorp Bank | Arkadelphia | AR | 41 | 23.2 |
| Arizona | Live Oak Bank | Wilmington | NC | 63 | 76.9 |
| California | Live Oak Bank | Wilmington | NC | 326 | 381.9 |
| Colorado | Live Oak Bank | Wilmington | NC | 97 | 117.3 |
| Connecticut | Live Oak Bank | Wilmington | NC | 31 | 51.4 |
| District of Columbia | Newtek Bank | Miami | FL | 21 | 9.7 |
| Delaware | Wilmington Savings Fund Society | Wilmington | DE | 20 | 19.6 |
| Florida | Live Oak Bank | Wilmington | NC | 206 | 269.8 |
| Georgia | Live Oak Bank | Wilmington | NC | 87 | 127.2 |
| Guam | Bank of Guam | Hagatna | GU | 5 | 2.2 |
| Hawaii | Newtek Bank | Miami | FL | 23 | 13.0 |
| Iowa | Newtek Bank | Miami | FL | 18 | 8.4 |
| Idaho | Idaho Central CU | Chubbuck | ID | 86 | 45.8 |
| Illinois | Byline Bank | Chicago | IL | 99 | 136.9 |
| Indiana | The Huntington National Bank | Columbus | OH | 233 | 52.3 |
| Kansas | Live Oak Bank | Wilmington | NC | 15 | 18.1 |
| Kentucky | Stock Yards Bank & Trust Company | Louisville | KY | 45 | 35.0 |
| Louisiana | Newtek Bank | Miami | FL | 88 | 36.5 |
| Massachusetts | Live Oak Bank | Wilmington | NC | 41 | 53.3 |
| Maryland | M&T Bank | Buffalo | NY | 554 | 65.2 |
| Maine | Live Oak Bank | Wilmington | NC | 7 | 13.0 |
| Michigan | The Huntington National Bank | Columbus | OH | 1,060 | 197.8 |
| Minnesota | U.S. Bank | Cincinnati | OH | 257 | 67.9 |
| Missouri | Live Oak Bank | Wilmington | NC | 55 | 101.5 |
| Mississippi | Live Oak Bank | Wilmington | NC | 22 | 30.6 |
| Montana | Glacier Bank | Kalispell | MT | 26 | 14.1 |
| North Carolina | Live Oak Bank | Wilmington | NC | 124 | 134.9 |
| North Dakota | Readycap Lending | Berkeley Hgts | NJ | 5 | 11.1 |
| Nebraska | Union Bank and Trust Company | Lincoln | NE | 58 | 24.4 |
| New Hampshire | Live Oak Bank | Wilmington | NC | 16 | 19.9 |
| New Jersey | TD Bank | Wilmington | DE | 644 | 111.1 |
| New Mexico | Live Oak Bank | Wilmington | NC | 21 | 21.5 |
| Nevada | Newtek Bank | Miami | FL | 61 | 26.6 |
| New York | Newtek Bank | Miami | FL | 291 | 152.8 |
| Ohio | The Huntington National Bank | Columbus | OH | 1,691 | 323.3 |
| Oklahoma | BancFirst | Oklahoma City | OK | 88 | 32.8 |
| Oregon | U.S. Bank | Cincinnati | OH | 173 | 41.4 |
| Pennsylvania | Live Oak Bank | Wilmington | NC | 80 | 94.1 |
| Puerto Rico | Banco Popular de Puerto Rico | San Juan | PR | 376 | 46.9 |
| Rhode Island | Live Oak Bank | Wilmington | NC | 9 | 11.2 |
| South Carolina | GBank | Las Vegas | NV | 14 | 48.6 |
| South Dakota | First Bank & Trust | Brookings | SD | 23 | 14.0 |
| Tennessee | Pinnacle Bank | Nashville | TN | 35 | 44.2 |
| Texas | Live Oak Bank | Wilmington | NC | 230 | 313.8 |
| Utah | Mountain America FCU | Sandy | UT | 164 | 44.7 |
| Virginia | Live Oak Bank | Wilmington | NC | 54 | 61.2 |
| U.S. Virgin Islands | Metro City Bank | Doraville | GA | 2 | 9.0 |
| Vermont | Community National Bank | Derby | VT | 26 | 9.6 |
| Washington | Readycap Lending | Berkeley Hgts | NJ | 103 | 109.6 |
| Wisconsin | Old National Bank | Evansville | IN | 54 | 59.6 |
| West Virginia | The Huntington National Bank | Columbus | OH | 80 | 13.6 |
| Wyoming | First Internet Bank of Indiana | Fishers | IN | 5 | 7.7 |
Note: Figures reflect SBA 7(a) loan approvals and do not include SBA 504, SBA Express, or other SBA programs.
How to Choose the Best SBA Lender for Your Business (Beyond This List)
Being the top SBA lender in your state by volume doesn’t automatically mean a lender is the best fit for your specific deal.
Factors to Compare Across SBA Lenders
-
Industry experience
- Do they frequently finance businesses with your NAICS code?
- Have they closed deals in your niche (manufacturing, daycare, trucking, healthcare, etc.)?
-
Loan size and structure sweet spot
- Some lenders specialize in $250k–$750k working capital; others excel with larger CRE or business acquisition loans.
- Ask what ticket size and structure they prefer (term length, collateral, projections).
-
Speed and process
- Average time to term sheet and closing.
- Whether they hold PLP status (Preferred Lenders Program) with SBA, which can streamline approvals.
-
Pricing and fees
- Rate spread over Prime / SOFR.
- Packaging fees, closing costs, and prepayment penalties.
- Whether they require additional banking relationships (deposits, treasury, etc.).
-
Communication style
- Direct access to a dedicated SBA BDO / relationship manager.
- How responsive they are during underwriting and closing.
FAQs: Top SBA Lenders in 2025
Does the “top SBA lender” in my state automatically mean it’s the best lender for me?
Not necessarily.
A lender can be #1 in SBA volume while still:
- Focusing on a different loan size than you need.
- Preferring certain industries or collateral profiles.
- Being slower or more conservative on certain types of deals.
Use this list as a shortlist of experienced SBA lenders, then narrow to those that match your industry, loan size, and timeline.
Why do some SBA lenders appear as the top lender in multiple states?
National SBA platforms and large regional banks:
- Lend across many states.
- Have centralized SBA teams and specialized underwriting.
- Market aggressively through brokers, referral sources, and online channels.
That’s why lenders like Live Oak Bank, Newtek Bank, The Huntington National Bank, and U.S. Bank show up repeatedly as top SBA lenders in various states.
How can SBARates.com help me compare SBA lenders?
SBARates.com helps small business owners:
- Compare SBA lenders by state and NAICS industry.
- Identify lenders with PLP status and deep SBA experience.
- See where lenders are most active by loan size and geography.
- Request introductions to SBA lenders that are likely to be a strong fit.
You can use this Top SBA Lenders in 2025 list as a starting point, then layer on SBARates tools to find lenders that are dialed in on your specific industry and funding needs.
What should I prepare before contacting an SBA lender?
To move quickly with any SBA 7(a) lender in 2025, it helps to have:
- Last 2–3 years of business tax returns (or personal returns for startups).
- Year-to-date financials (P&L and balance sheet).
- A clear, written use of proceeds (what the funds will do for the business).
- Basic projections if you’re acquiring, expanding, or launching a new unit.
- A quick explanation of your experience in the industry.
Bringing these to your first conversation with a top SBA lender can dramatically improve your approval odds and speed to closing.